Petronet LNG approves 50:50 JV with Gruner Renewable Energy to set up 10 CBG plants

Petronet LNG Ltd has approved a proposal to incorporate a 50:50 joint venture with Gruner Renewable Energy Private Limited, according to an exchange filing dated September 17.

The proposed joint venture will be incorporated as a private limited company and will establish 10 compressed biogas (CBG) plants across the country.

Each plant will have a capacity of 18 tonnes per day, with the combined project having an estimated capital outlay of ₹1,200 crore.

The approval was given at Petronet LNG’s board

meeting held on September 17, 2026.

The company said further details will be intimated to the stock exchanges upon incorporation of the proposed joint venture company.

Earlier on August 12, The firm reported its June quarter result. The company reported a 15.4% sequential decline in net profit to ₹1,113 crore for the first quarter of FY27, as revenue and operating earnings fell from the previous quarter.

The company had posted a net profit of ₹1,338 crore in the March quarter.

Revenue fell 41.2% quarter on quarter to ₹5,554.1 crore from ₹9,442.1 crore, marking the sharpest decline among the company's key financial metrics.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 17.7% to ₹1,532 crore from ₹1,862 crore in the previous quarter.

Operating profitability, however, improved sharply despite the decline in EBITDA. The EBITDA margin expanded to 27.6% from 19.7% in the March quarter, an increase of 7.9 percentage points.

Petronet LNG shares closed 0.67% higher at ₹284 on the NSE on Thursday, September 17.

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